Owner Financed Rental

[John Gillum]

Hello everyone,

So I am just starting out in the Tri-cities area of TN. I am looking at a SFH property in Kingsport as a potential rental. I am confident in my numbers, but as this is my first rental, I am a little concerned about the Covid situation as it comes to rentals. I'd love to here from anyone out there about this topic. How do I insure against a situation where a tenant is able to not pay rent. How do I screen potential tenants properly? Are any of the landlords on here struggling from these same issues?

Any advice would be great!

Thank you.

[Nathan Gesner]

Originally posted by @John Gillum:

Hello everyone,

So I am just starting out in the Tri-cities area of TN. I am looking at a SFH property in Kingsport as a potential rental. I am confident in my numbers, but as this is my first rental, I am a little concerned about the Covid situation as it comes to rentals. I'd love to here from anyone out there about this topic. How do I insure against a situation where a tenant is able to not pay rent. How do I screen potential tenants properly? Are any of the landlords on here struggling from these same issues?

No offense but these are basic questions that indicate you haven't really educated yourself on the basics of managing rentals. I recommend you get a book and read through it. That will answer 80% of your questions very quickly, including some things you haven't even thought about yet. Then come back to the forum and ask specific questions to improve your knowledge in a particular area.

BiggerPockets bookstore has "The Book On Managing Rental Properties" by Brandon Turner that is very good. My personal favorite is "Every Landlord's Legal Guide" by NOLO because it has all the practical advice but it also has all your state-specific laws and some sample forms to use/edit.